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Oklahoma's SB 1589 makes running or supporting a dual-currency sweepstakes casino a Class C2 felony from November 1, after lawmakers overrode the governor's veto. Its reach into payment, geolocation and affiliate businesses raises the legal stakes for the whole sweepstakes supply chain.

Oklahoma’s sweepstakes casino ban starts on November 1, and operators are not waiting for the date. In recent days, brands such as High 5, McLuck, Hello Millions, SpinBlitz, PlayFame, Zula, Sportzino and Fortune Wins have either left the state or blocked its players.

The law’s reach down the supply chain sets it apart. Liability extends beyond operators to suppliers, payment processors, geolocation providers and affiliates. Tokens and similar currencies used in dual-currency models count as “representatives of value.” Tribal gaming approved under the federal Indian Gaming Regulatory Act is exempt.

Lawmakers overrode Governor Stitt to pass the ban

Senator Todd Gollihare authored SB 1589. It had its first Senate reading on February 2, 2026. On March 25, 2026, Representative Kyle Hilbert replaced Representative Fetgatter as its principal House author. The measure changes the scope of an existing gambling offense in the state’s crimes and punishments code.

Stitt’s veto letter objected that the bill needlessly created a new felony. He also opposed extending criminal liability to businesses and service providers. In his veto message, he argued that Oklahoma’s gaming laws should be clear, targeted and fair. SB 1589, he said, did not meet that standard.

The legislature disagreed. In the Senate, Gollihare moved that the bill become law despite the veto. The motion passed on a roll-call vote. The House then passed the measure over the veto by two-thirds of its elected members. That threshold is set by Article VI, Section 11 of the state constitution.

The provisions the governor objected to are now the ones that matter most for the industry. Businesses that serve sweepstakes brands, from payment firms to geolocation vendors, now face felony exposure in the state. That raises the legal risk across the sector, not just for the brands themselves.

Players face a different problem. The rules on remaining balances and pending redemptions are unclear. Oklahoma has no regulated online casino. As a result, legal online play in the state now goes only to tribal gaming.

Wyoming and Pennsylvania are considering similar bans

Other states are moving in the same direction. Pennsylvania has folded a sweepstakes ban into a broader gaming bill, HB 2801. Each violation by a sweepstakes operator could draw a fine from regulators if that bill passes. Pending bills in Pennsylvania do not carry over into 2027.

Wyoming’s draft would ban online casino and sweepstakes games under the state’s professional gambling law. The Select Committee on Gaming sent draft bill 27LSO-0098 to the Legislature’s Management Council. The council will decide whether to sponsor it in the 2027 session. If enacted, the Wyoming ban would take effect on July 1, 2027.

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Rush Street Interactive kept its 2026 revenue guidance but said October trading points to the low end of the range, after raising its outlook a quarter earlier. With online casino at 75% of revenue, the warning is fresh operator evidence that US online casino growth is cooling heading into the fourth quarter.

The third-quarter results of BetRivers owner Rush Street Interactive came out on October 28. The guidance range it reaffirmed implies 38% to 41% growth for 2026. Adjusted EBITDA guidance stays at $245 million to $265 million, with October tracking toward the midpoint of that range.

The warning breaks a pattern from the summer. In the second quarter, reported July 29, the company posted record revenue of $393.8 million, up 46%, and raised its full-year guidance. Third-quarter sales were up from $277.9 million a year earlier but below the second-quarter total. Growth also slowed from the 46% pace of the prior quarter.

Profits outpaced revenue as casino share kept rising

Net income rose 93% to $28.7 million, from $14.8 million. Adjusted EBITDA rose 73% to $62.2 million, from $36.0 million. Sales and marketing expense grew 43% to $56.0 million, from $39.0 million a year earlier.

The online casino share of revenue rose from 72% in the second quarter. That weighting makes the company a close read on US casino demand. The 32% growth in casino revenue also includes Latin America, so it is not a pure US figure.

Player numbers kept growing. North American monthly active users reached a record 300,572, up 34% year over year. Latin American users rose 46% to 607,308, for a total of 907,881.

Management blames a slower market, not lost share

Management blamed slower growth in the North American online casino market, not lost market share, for revenue tracking toward the low end of guidance. Michigan, in their view, has also become more competitive. Statewide figures from Michigan are consistent with a softer market. In September, Michigan iGaming adjusted gross receipts came to $288.15 million, 0.9% lower than in August.

The shares fell 1.82% in regular trading on October 28 to $15.13. After hours, the stock moved below its 52-week low. The company bought back about $14 million of stock during the quarter and another $11 million after it ended. That leaves $75 million under its repurchase authorization.

The outlook carries conditions. It covers only markets that are already live. It also assumes current tax structures stay in place, including Colombia’s temporary 16% excise tax through year-end.

That leaves the fourth quarter as the test of the low-end warning. Investing.com calculated that the reiterated full-year guidance implies fourth-quarter revenue of roughly $410 million to $450 million.

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Kalshi and Polymarket US filed federal suits against Missouri and Louisiana on the same day the CFTC sued Utah. The cases push the preemption fight into two states where licensed sportsbooks and casino partners stand to lose business to untaxed competitors.

Two more states now face prediction market operators in federal court. Kalshi’s case targets Missouri, while Polymarket US went after Louisiana. The CFTC filed its own suit against Utah that same day.

Kalshi is challenging a cease-and-desist demand from Missouri. The state told it to pull its sports event contracts or get a state sports betting license. Polymarket US filed as QCX LLC. It named Louisiana’s attorney general and the Louisiana Gaming Control Board as defendants.

Both companies make the same core argument. They say federal commodities law, the Commodity Exchange Act, overrides state gambling enforcement.

Missouri treats event contracts as unlicensed sports wagering

Missouri’s position is direct. The demand to Kalshi came from the office of Attorney General Catherine Hanaway, and Kalshi was not its only target.

The office says that offering sports event contracts in Missouri counts as unlicensed sports wagering. It also holds that federal law does not override state law here. In its view, sports event contracts are not swaps under the Commodity Exchange Act. Companies “cannot repackage sports bets as event contracts” to get around Missouri law, Hanaway said.

The stakes for the licensed market are concrete. Sports wagering became legal in Missouri through Amendment 2. Oversight of the licensed books sits with the Missouri Gaming Commission.

The commission’s July 2026 revenue detail report shows the scale of that business. A prediction market selling sports contracts without a license would pay none of that tax. It would compete for the same customers as the licensed books.

Louisiana’s casino-first licensing faces a federal challenge

Louisiana’s regulated market works differently. Its licenses go first to in-state casinos. Untaxed sports contracts there would compete with those casinos and their sportsbook partners.

The Louisiana Gaming Control Board had already acted on the issue. In December 2025, it sent an advisory on prediction markets and event-based contracts. The advisory went to all sports wagering licensees and platform provider permittees.

That approach targets the licensed side of the market. Polymarket US’s suit now tests whether the state can reach the prediction market operators directly.

The federal regulator has taken a firm public line. The CFTC said Congress made it the only federal regulator responsible for overseeing prediction markets. Its Utah suit seeks to stop the state from using its own laws to shut down CFTC-registered contract markets. It followed civil enforcement actions that Utah brought in state court.

Federal appeals courts are already split on whether state gambling law can reach these contracts. The question is moving toward the Supreme Court. Each new filing adds pressure on states and operators alike.

Missouri’s dispute reaches well beyond Kalshi. Its cease-and-desist letters remain in play for Polymarket, Robinhood, Crypto.com, Novig and Underdog. The outcome could decide whether sports contracts are shut out of Missouri and Louisiana.

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Caesars Digital's profit rose 57% in what is likely Caesars' last quarter as a public company, while Las Vegas profit fell and the group's net loss more than doubled. The online unit is earning more even as its estimated share of US online casino and sports betting shrinks.

Caesars Entertainment’s online arm grew profit in a quarter when much of the group went the other way. Caesars Digital’s revenue rose 4.8% to $326 million in the third quarter of 2026. The company held no earnings call because Fertitta Entertainment’s purchase is still pending. These are likely the last results Caesars will report as a public company.

Unlike the second quarter, this quarter brought year-over-year profit growth for the digital unit. Digital adjusted EBITDA had fallen in the second quarter to $68 million from $80 million a year before. In the first quarter, the segment set first-quarter records of $374 million in revenue and $69 million in adjusted EBITDA. Over the first nine months, digital adjusted EBITDA reached $181 million, up 19.9% from $151 million. Net revenue for the period climbed 6.3% to $1.051 billion from $989 million.

Caesars’ online unit earns more but loses share to rivals

Higher profit has not translated into a bigger slice of the market. Citizens estimates Caesars now ranks fourth in US online casino, behind FanDuel, DraftKings and Rush Street Interactive’s BetRivers. Its share of US online sports betting handle slipped to 4.9% from 5.2% year over year. Its share of sports betting gross gaming revenue dropped to 3.6% from 4.1%.

The slide comes as US online casino growth slows overall. Some markets are still expanding at pace. New Jersey internet gaming win reached $274.8 million in September 2026, up 13.0% year over year. Year-to-date win there stood at $2.40 billion, up 13.2%. The Caesars figures are consistent with a business squeezing more profit from a smaller share of the market.

Las Vegas profit falls while the regional business grows

The Las Vegas segment’s net revenue dropped 2.3% to $930 million from $952 million. Its adjusted EBITDA fell from $379 million a year earlier. The Regional segment moved the other way. It grew net revenue 5.9% to $1.627 billion and adjusted EBITDA 3.6% to $524 million. Group adjusted EBITDA slipped to $865 million from $884 million. Total net revenue edged up 2.5% to $2.94 billion from $2.87 billion.

Deal costs are also showing up in the accounts. Caesars booked $12 million in merger-related transaction costs in the quarter and $22 million over nine months. Fertitta agreed on May 28, 2026, to pay $31.00 per share in cash. The deal is valued at about $17.6 billion, including roughly $11.9 billion of Caesars debt. The price is a 49% premium to the unaffected share price on Feb. 25, 2026. Holders of 70.3% of outstanding shares took part in the special meeting on the deal.

Closing still requires approval in every jurisdiction where Caesars runs gaming. Fertitta’s general counsel told a Nevada Gaming Control Board review in July that those approvals could take as long as 10 months.

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